Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 235,248,000, an increase of 3.4% from RMB 227,270,000 in 2022[3] - Gross profit for the year was RMB 44,740,000, compared to RMB 43,064,000 in the previous year, reflecting a gross margin improvement[3] - Operating profit decreased to RMB 9,823,000 from RMB 15,066,000, indicating a decline of 34.5% year-over-year[3] - Net profit for the year was RMB 5,935,000, down from RMB 10,747,000 in 2022, representing a decrease of 44.9%[3] - Basic and diluted earnings per share were RMB 0.59, down from RMB 1.07 in the previous year[3] Assets and Liabilities - Total assets increased to RMB 483,130,000 from RMB 447,816,000, showing a growth of 7.9%[5] - Non-current assets rose to RMB 127,131,000 from RMB 108,866,000, an increase of 16.7%[5] - Current liabilities increased to RMB 170,086,000 from RMB 140,662,000, reflecting a rise of 20.9%[6] - The company's equity attributable to owners increased to RMB 311,628,000 from RMB 305,738,000, a growth of 1.3%[6] - Cash and cash equivalents decreased to RMB 41,881,000 from RMB 47,245,000, a decline of 11.4%[5] Revenue Breakdown - Revenue from the supply of aerial activity platforms was RMB 69,038 thousand, up 45.6% from RMB 47,421 thousand in 2022[23] - Revenue from the all-steel raised floor products decreased by 10.9% to approximately RMB 174.4 million, contributing about 74.1% to total revenue[67] - Revenue from the calcium sulfate raised floor products increased significantly by 92.4% to approximately RMB 60.9 million, attributed to improved production capacity and efficiency[68] - The company’s revenue from China was RMB 198,519,000 in 2023, slightly up from RMB 197,955,000 in 2022[37] - Sales in China accounted for 84.4% of total revenue, with RMB 198.5 million generated from this market[72] Expenses and Costs - Selling expenses increased by approximately RMB 2,300,000 or 31.8% to RMB 9,500,000 for the year ended December 31, 2023, mainly due to increases in salaries and business development consulting fees[74] - Administrative expenses rose by approximately RMB 3,000,000 or 14.8% to RMB 23,400,000 for the year ended December 31, 2023, driven by higher salaries and consulting fees for operational management[76] - Research and development costs for 2023 were RMB 10,627,000, an increase from RMB 9,981,000 in 2022, reflecting a focus on innovation[40] Segment Performance - The company has two reportable segments based on its product lines, which include full steel aerial activity platforms and calcium sulfate aerial activity platforms[27] - Total reportable segment revenue for 2023 was RMB 235,248,000, an increase of 3.4% from RMB 227,270,000 in 2022[32] - Reportable segment performance decreased to RMB 10,517,000 in 2023, down 30.4% from RMB 15,067,000 in 2022[32] - Reportable segment gross profit for 2023 was RMB 44,740,000, compared to RMB 43,064,000 in 2022, reflecting a slight increase of 3.9%[32] Financial Position and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with the functional currency being Renminbi (RMB)[14] - The company has adopted several new accounting standards during the current financial period, which did not have a significant impact on the financial position or performance[16] - The company has not adopted any new Hong Kong Financial Reporting Standards that are not yet effective during the current financial period[20] - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial performance for the year ending December 31, 2023[96] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the fiscal year[92] Future Outlook and Strategy - The board is optimistic about the medium to long-term prospects for raised floor demand, despite economic challenges in 2023[63] - The group plans to continue improving production techniques and enhancing production lines to maintain effective cost control and increase product recognition[63] - The group aims to expand its customer base and enhance brand recognition through participation in trade fairs and exhibitions[58] - The company is currently evaluating the impact of new accounting standards that will take effect starting January 1, 2024, and believes they will not have a significant impact on consolidated financial statements[21] Employee and Capital Expenditures - As of December 31, 2023, the group had total employee costs of approximately RMB 17.2 million, an increase from RMB 15.1 million in 2022, with 184 employees compared to 175 in the previous year[87] - Capital expenditures for the year were approximately RMB 26.6 million, slightly down from RMB 26.7 million in 2022, primarily related to construction projects and machinery purchases[90] - The company had capital commitments of approximately RMB 3,100,000 for property, plant, and equipment as of December 31, 2023, down from RMB 6,500,000 as of December 31, 2022[84]
佳辰控股(01937) - 2023 - 年度业绩